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While Bitcoin was headed to conquer $64K in September, the Pepe (PEPE) struggled near the lows. Amid improving market sentiments, the meme coin failed to grab
Bitcoin price surged past the crucial resistance of $64K in September. However, some cryptocurrencies failed to benefit from the improving market sentiments. Among them was the meme coin, Pepe (PEPE).
At the time of writing, PEPE price was trading close at $0.000008322, showcasing an intraday gain of 6.06%. The crypto was seen consolidating over the last couple of months, attempting to find a firm footing near the lows.
Earlier in August, the crypto attempted a recovery following a consolidation. However, Pepe crypto whales dumped a significant supply, and the price crashed by over 20%. It fell back into the consolidation zone. Moreover, the meme coin also noted a dip in trading activity in recent sessions.
Pepe Whales Exit Market: What’s Next?
Throughout the last couple of months, PEPE crypto has emerged as one of the top underperforming coins. To top it off, the exit of top holders (whales) from the market had worried investors.
Over the last 1 month, Pepe Whale holdings dropped from 46.76% in August to 45.05%. The whales sold nearly 1.71% of the total supply, amounting to $56.43 Million, causing a price drop of over 20%.
Top addresses, or whales, are the players with large investment amounts and more resources. Hence, they tend to be on the right side of the trend most of the time. The selloff by whales dragged the PEPE price back to the struggling zone.
Furthermore, as per Santiment, an on-chain data provider, the 24-hour and 7-day active addresses had dropped to a three-month low. The reduced active addresses indicated lower user engagement and liquidity. Lower liquidity can make it difficult for traders and investors to open trades at their desired PEPE price.
Can Pepe Break Out of Consolidation or Continue to Struggle?
The first half of this year has been very fruitful for the memecoin investors. Most of the meme coins surged over 50% to 100%, with Pepe Crypto becoming one of the top leaders. However, the second half of this year has been tough for them.
The PEPE price crashed nearly 55% from its annual high. The annual high was attained in May at $0.0000172. Moreover, the whales’ exit in the last few months worsened the price fall. As a result, the struggle will extend to the upcoming sessions.
Pepe stepped below all the key exponential moving averages in the daily chart. This may now act as dynamic resistance levels. Currently, the price showcased a consolidation, indicating a sideways trend in the short term.
A breakdown below the consolidation may validate the presence of sellers and a worse scenario ahead. On the contrary, a breakout on the higher side may bring back hopes of recovery to the investors. Short-term traders and investors may have to look out for a breakout or breakdown scenario.
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Disclaimer:info@kdj.com
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